Trump says he doesn't want U.S. Steel owned by Japanese company
Any merger between U.S. Steel and Nippon is facing an uphill challenge as President Donald Trump says he's against it. It comes after the president ordered a new review of the bid by Japan's Nippon Steel to buy U.S. Steel.
In municipalities where U.S. Steel plants are located, whether or not the deal happens will have a trickle-down impact. Municipal leaders in western Pennsylvania's Mon Valley are hoping for the best for their regions.
On Thursday, Mr. Trump said he doesn't want U.S. Steel falling into the ownership of a foreign-owned company.
"U.S. Steel is a very special company. We don't want it to go to Japan or any other place, so we're working with them. I don't know if they need any money now, I'll be honest with you. They've hit gold," Mr. Trump said at the White House.
Leaders in the Mon Valley say this merger is needed. They feel Nippon could make investments in the plants, which keep much-needed jobs in the region. North Braddock Mayor Cletus Lee said Mon Valley region leaders are hoping the president sees this and helps facilitate a deal.
"It is important that the president has ears, and listening to us and knowing what we're doing to move forward in the Mon Valley," Lee said.
Congressman Chris Deluzio says in a statement his goal is to get the "best deal possible for Western PA steelworkers and headquarters jobs and America's manufacturing future."
Lee said he is still optimistic a deal will get done. The way he sees it, mills like the Edgar Thomson works, of which about 75% is in North Braddock, are the key to job creation and retention.
"It's important that we stay strong, stay united and let the process happen," Lee said.
According to Mr. Trump, U.S. Steel and all-American steel companies are benefiting from his tariffs.
"You look at some of those steel factories from 90 years ago, it was a different kind of a country. But they were miles long. Today you just see empty hulks. Those empty hulks are going to be filled up soon," Mr. Trump said.
U.S. Steel said in a statement that they are working closely with the administration to get an investment in existing jobs, create jobs, enhance national security and make a future for U.S. Steel and domestic steel making.
